The European Commission approves Canadian automotive supplier Magna International Inc.’s purchase of German roof-system manufacturer CTS Fahrzeug-Dachsysteme GmbH (CTS) from sports-car maker Porsche AG. The EC imposes no conditions on the deal, which it concludes will not harm competition in the European Union. Magna President Mark Hogan tells Ward’s he is pleased but not surprised, given the segment’s competitive nature. He says Magna will use CTS’ expertise to expand its open-air ...
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